OMIC Rallies by Over 900% Thanks to the Omicron Covid Variant
The cryptocurrency market is notorious for being volatile, and the prices of cryptocurrencies can surge by hundreds of thousands of percentages because of a trend. The Omicron coin is the latest beneficiary of a market rally, thanks to a trend.
WHO Names New Covid Variant Omicron
A new Coronavirus variant B.1.1.529 was discovered in South Africa last week, leading to a massive reaction by the various financial markets. Amidst the financial markets recording losses, the World Health Organization (WHO) named this latest Covid variant Omicron.
This latest development caused a little-known coin OMIC, the native coin of the decentralized reserve currency protocol Omicron, to surge by over 900%. The cryptocurrency shares the same name as the newly detected COVID variant.
According to data obtained from Crypto.com, OMIC rallied from $70 per coin on Friday to reach a new all-time high at $711 on Sunday. The rally represents an over 900% increase in price within the space of two days.
OMIC has since cooled down, and it is now trading at $375 per coin. Despite that, some investors FOMO’d and bought the cryptocurrency while it was rallying.
I bought the $Omic with 9 ETH.
I don't think it's a good choice, but I'm willing to gamble meme with some money that doesn't affect my life.
— larrylawliet.eth (@Larry_Lawliet) November 29, 2021
Crypto Market can be Irrational
Although the cryptocurrency space has numerous coins with excellent utilities, investors sometimes invest in meme tokens and other shitcoins. The SQUID token scam easily comes to mind. Investors poured hundreds of millions of dollars into the project following the popularity of Netflix’s Squid Game series. However, the developer rugged, pulled and ran away with the money.
TIL: there is a coin called Omicron, it is +500% today. we are both living in the dumbest TL possible and deserve everything coming our way: pic.twitter.com/Qy363LqiJC
— BionicBanker (@BrokenBanker) November 28, 2021
Some cryptocurrency market participants are obviously not pleased with the rally experienced by the OMIC coin as they believe it is just another meme token. According to some investors, the rally of coins such as OMIC sounds dumb. Some investors could record massive losses once the coin retraces back to its previous trading price.
OMIC’s price continues to decline despite the broader cryptocurrency market rallying at press time.